In this paper I examine what I will call "the standard account" of intrinsic value as it appears in recent textbooks written by John Hospers, William Frankena, and Richard B. Brandt. I argue: (a) it is not clear whether a theory of intrinsic value can be developed along the lines of the standard account; (b) if one is to develop such a theory, one will need to introduce a notion of "basic intrinsic value" in addition to the notion of "intrinsic value"; and (c) several different theories of intrinsic value may account for the same judgments concerning desirability, and it will be arbitrary to choose one of these theories over another.